Antwerp Steps Up Battle With Synthetics

Belgium’s diamond industry leaders pledged actively to enforce guidelines set out by the World Federation of Diamond Bourses (WFDB) to combat undisclosed synthetics.

Antwerp’s four exchanges will be among the first to implement the instructions from January 1, the Federation of Belgian Diamond Bourses said. These include an obligation to provide a clear description of goods on invoices and memo documents, as well as written declarations and disciplinary action against traders who fail to comply with them.

Undisclosed synthetics can greatly damage the diamond industry’s reputation in the eyes of clients, retailers and consumers, said Willy Rotti, president of the Federation of Belgian Diamond Bourses.

“It is our responsibility as the world’s largest diamond trading hub, representing well over 1,700 diamond companies, to lead by example and send a clear signal,” Rotti said.

 

BRON: RAPAPORT 5-10-2016